Fibonacci Retracements Analysis 16.03.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

Yesterday, the EUR/USD pair reached a new high. Possibly, during the day the price may test the correctional retracement of 78.6%. If later the pair rebounds from this level, the market may resume moving downwards.

At the H1 chart, the retracement of 78.6% is confirmed by intraday fibo-levels. If later the pair rebounds from this area, the market may resume moving downwards to reach the retracement of 50%.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the correctional retracement of 61.8%. Consequently, in the nearest future the market may start a new ascending movement and break the local high. The closest target is the group of fibo-levels at 0.8965.

At the H1 chart, the pair rebounded from the retracement of 61.8% and, as a result, may resume its growth and break the high. If later the price rebounds from the area at 0.8850, the market may start a short-term correction.

RoboForex Analytical Department